Product Life Cycle Promotions Essay Example For Students

Product Life Cycle Promotions Essay Final Project OutlineQuestions: I. Page 99 question # 2 # 2. How would you advertise a toothpaste at the four different stages in its lifecycle?1. Introduction StageRisk seems to go hand in hand with the introduction stage because thechance of product failure is quite high. Profits will be below zero due tolow initial revenues while the toothpaste company covers large expensesfor promotion and distribution. We will need to let potential buyersaware of the new toothpaste availability. These buyers must know thetoothpaste’s features, uses, and advantages over other brands. I’llassume this particular toothpaste company has the resources,technological knowledge, and marketing know-how to launch thetoothpaste successfully. Having these assets will be a great advantagefor the success of the new toothpaste brand. 2. Growth StageThe growth stage will be critical to the toothpaste’s survival because thecompetitive reactions to the products success during this stage willaf fect the toothpaste’s life expectancy. I would expect the toothpaste’ssales to rise rapidly and profits to reach a peak and then start to slowlydecline. To counter act the sales decline we must try to strengthen itsmarket share and create a competitive niche by emphasizing thetoothpaste’s benefits. To accomplish these tasks we may need to cut prices to stay competitive and gain stronger market position. 3. Maturity StageOur toothpaste’s sales curve will peak and begin to decline as willprofits. This is the result of intense competition, as similar brands arenow in the market. As a result many weaker competitors will besqueezed out or lose consumer interest. We must now turn ourattention to develop improvements in our product and find positivedifferences in our version of toothpaste. We will continue to makefresh new promotional and distribution efforts. We will concentrate onadvertising and dealer based promotions. We must also look at anotheropportunity that exists. Marketers of mature products sometimesexpand distribution into global markets. We will need to research anddetermine if our toothpaste will be accepted and fit the needs of globalconsumers. 4. Decline StageThe stage where our sales will fall rapidly. New technology or socialtrends are at times the culprits of this downward spiral. Due to lowprofits we may cut promotion efforts, eliminate marginal distributors,and eventually plan to phase out our toothpaste. I will assume ourtoothpaste company has more than one product, a company’s future is rarely tied to one product. As one product is declining, our toothpaste,other products of ours are at different stages of the life cycle. Thereforewe will need to deal with prolonging the life of existing products andintroducing new ones. Our main objective as a company is to meetorganizational sales goals. As one product is declining, other productsare in the introduction, growth, or maturity stages for our company. II. Page 140 question # 3# 3. â€Å"How do we sell this thing?† Rank each of theses approaches, in descendingorder of expected effectiveness. 10. Buy a Cheap Labor-saving Device. 9. Buy a Goat Instead of a Sheep. 8. Buy a Goat. 7. Goat. Guaranteed. 6. Don’t Let Someone Else Get Your Goat. 5. Give a Goat a Home. 4. Goat for Sale. 3. Save on a Goat. 2. Buy a Great Goat. 1. Buy an Affectionate Labor-Saving Device. III. Page 238 Question # 1#1. What do advertisers mean by strategy? What are the key considerations in anadvertising strategy?Averting messages aren’t created on a whim or by a quick flash ofinspiration. Advertising is a disciplined art and involves a lot ofstrategic thinking. Advertisers create messages to accomplish specificobjectives, a process called strategic planning. Advertisers determinewhat you want accomplished, decide on strategies to go aboutaccomplishing, and implementing tactics which make the plan come tolife. Advertising involves many different strategies. First there must bea strategic business plan that deals with the broadest decisions made bythe organization. Next advertisers have marketing strategies that willidentify key advantages for the product or firm in the marketplace. Lastly there are advertising strategy decisions that are made which arecrucial to all advertising situations. Advertisers must set objectives andidentify the target audience. The adve rtising product must be comparedto competing products features. The product must be position so it iswelcomed in the marketplace by consumers. Finally the advertisersmust create a brand image and personality for the product. These are all key considerations for the advertising strategy. Targeting an audiencefor the product I feel is the most important. These audiences areequivalent to a target market, but often includes people other thanprospects, such as those who influence the purchase. Once the targetaudience is defined this lets the advertising planner zero in on the mostresponsive audience. Snow Falling On Cedars Prejudice EssayVII. Page 469 Question # 5One jingle that I dislike is the Sharpe Ford song. Its a great piece of work,â€Å"were sharp and were the reason Sharpe is Ford, Sharpe is Ford†, located at 3 o’clock sharp on the 465 dial. That is perfect. Every time Ihear it I get a visual of the 465 dial and where Sharpe Ford is located. Onedrawback though is that I can’t get the song out of my head the entire day. Another is a fairly new commercial for Giftpoint.com. They do a little riffrom a Christmas song and only say Giftpoint.com. This is absolutelynerve racking and impossible to not sing the entire day I hope they take itoff the air soon. I did however look at their web page. I believe these adsdo reflect on the advertiser, sometimes good and sometimes bad. I simplyget annoyed but I tend to remember them and I think for the advertiser thatis good. In some cases I think the advertiser uses our memory as theirtool. Create a annoying jingle and play it on the radio over and over. We’ve all heard jingles and said to our selves after the fact that it was thestupidest jingle we’ve ever heard. Two weeks later were singing it in theshower or as we walk through the Ivy Tech parking lot. The dumb littlejingles stick in our head and most of the times won’t go away. VIII. Page 501 Question #5# 5. What ideas do you have for setting up some type of direct-response systemto decrease â€Å"traffic overload†. I think a good idea for Ivy Tech would be to have its own bookstorewebpage. Student could access the page on campus or at home. Theywould be able to select and purchase books online for all their classes. Thepurchases could either be sent by mail or have a in house system forpick-up. Many student purchase books with a credit card. If student hadan option to not wait in the enormously large line chance are they wouldn’t. Also for the school they would be able to cut back on inventoryand may open up some room in side the bookstore. Overall I believe aonline system would only be the beginning. Ivy Tech could expand thispage to handle many more tasks that would save time and eventuallymoney. Marketing Essays